Financial struggles can hang like a dark cloud over your head. When you’re hit with an emergency on top of those struggles, it can quickly become overwhelming. Go through this guide to find out what a payday loan will involve for residents of Lincoln.
What Nebraska laws apply to payday loans in Lincoln?
Under the Nebraska Statutes Annotated §§ 45-901, you can borrow up to $500 from a lender in Lincoln. There is a financing fee of $15 per $100, and you may have no more than two outstanding loans at any time. This applies whether you borrow from an online lender or one with a local storefront.
Is bad credit accepted? Lenders use more than just your credit when determining if you qualify for a loan. Even if you have bad credit, you may still qualify to borrow money based on your current financial situation and your gross monthly income.
Available online or in-store? Whether you want to visit a storefront or are content applying for a loan on a computer, you have plenty of options to choose from.Check our loan table for your online options or see the map below for where you can go to apply in the city of Lincoln.
What’s the turnaround time? Short-term lenders don’t follow the same stringent lending criteria as banks and other loan providors, so they tend to process loan applications faster. When you apply in-store, you may be able to get your loan on the same day. If you decide to visit an online lender, you should receive your loan as soon as the next business day.
Joe's cat needs expensive surgery
Imagine this scenario: Joe hadn’t been working long when his cat needed an emergency surgery. He’d never had a credit card and wasn’t sure of the process, but when he learned that his lack of credit history would likely end in rejection, Joe decided to opt for a payday loan.
He visited a lender’s storefront near his work and applied for a loan of $400. The contract stated he’d need to repay $460 within two weeks. Joe knew he could handle the fees and left a post-dated check with his lender. It was cashed on the due date with no problems, and Joe was able to get his cat the surgery she needed and stay out of long-term debt.
Short-term loan lenders in Lincoln, Nebraska
Visit these locations for in-store loan applications
EZ Money Check Cashing. 233 N 48th St, Lincoln, NE 68504
Paycheck Advance. 101 N 27th St, Lincoln, NE 68503
Red D Cash. Belmont Shopping Center, 2601 N 11th St #3, Lincoln, NE 68521
Steve’s Payday Loans 7121 A St #100, Lincoln, NE 68506
How much it costs to borrow in Lincoln
Nebraska law allows lenders to charge $15 per $100 borrowed. This means if you borrow a small loan of $100, you’ll have to pay back $115 when the loan is due. Larger loans of $500 cost $75 in fees. This amount doesn’t include database fees, late fees or any other charges specified in your loan contract. In order to know the full potential amount you may have to pay, you’ll want to read over the terms of your loan carefully before you sign.
Yes. Nebraska law requires lenders provide up to a 34-day extension at no charge when you request it.
No. Nebraska law requires that you pay the full amount of your loan in full on the due date or request an extension. You can’t use the funds of one loan to pay for another, which means you can’t refinance or roll over your payday loan.
Payday loans are small amounts of money that are paid back on your next payday, usually ranging from one to two weeks. Installment loans have longer terms, and you’re able to borrow more money. Keep in mind, though, that this longer term means you might pay more in interest.
Matt Corke is Finder's head of publishing for rest of world and New Zealand. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.
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